Harold Klein pays $3.5M to Isaac Gutman for 35-unit walkup in Tremont
Harold Klein through the entity 805 Fairmount Place Portfolio LLC paid $3.5 million to Isaac Gutman through the entity Fairmount Realty 805 LLC for the 35-unit residential walkup building (C1) at 805 Fairmount Place in Tremont, Bronx.
The deal closed on February 2, 2024 and was recorded on February 27, 2024. The property has 25,925 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $135 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 28, 2017, for $5 million. The signatory for Isaac Gutman was Alexander Hoffman. The signatory for Harold Klein was Harold Klein. The contract date was May 23, 2023. Isaac Gutman is identified as manager of the owner entity in a prior loan document.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Harold Klein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Isaac Gutman had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alexander Hoffman, head officer and Isaac Gutman, officer. The business entities are Fairmount Realty 805 Llc and Fairmount Realty 805 Llc.
The property
The residential walkup building with 35 residential units in Tremont has 25,925 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.8 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 749 housing violations, $8,070 in OATH penalties, and one housing litigation in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 125,085 square feet of the 168,610 square feet. The largest owner is Skyward Developers, followed by Madrit Kurtishi and then Aquinas Housing Corporation.
On the tax block, there was one new building construction project filed totaling 11,281 square feet. It is a 25-unit, 11,281 square-foot residential (R-2) building submitted by Leo Greenfield with plans filed October 20, 2021 and permitted May 31, 2022.
The majority, or 64 percent of the 168,610 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.
The seller
The PincusCo database currently indicates that Isaac Gutman owned at least seven commercial properties with 267 residential units in New York City with 222,035 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $38.3 million in debt, borrowed from Sabal Capital Partners and Sterling National Bank. Within the portfolio, the bulk, or 79 percent of the 222,035 square feet of built space are walkup properties, with elevator properties next occupying 21 percent of the space. The bulk, or 90 percent of the built space, is in Bronx, with Brooklyn next at 10 percent of the space.
The buyer
The PincusCo database currently indicates that Harold Klein owned at least one commercial property with 49 residential units in New York City with 43,000 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
Direct link to Acris document. link